The UK economy grew more than initially estimated in the second quarter, according to figures released on Thursday by the Office for National Statistics.
The economy expanded by 5.5% between April and June on a quarterly basis, up from a preliminary estimate of 4.8% growth. This left GDP 3.3% below pre-pandemic levels, up from a previous estimate of 4.4% below.
The ONS said that in output terms, the largest contributors to the increase were from wholesale and retail trade, accommodation and food service activities, education and human health, and social work activities.
The figures showed that household spending jumped 7.9% to £24.6bn.
Pantheon Macroeconomics said the upward revision to GDP brings the UK economy’s performance in line with other G7 economies. “The 3.3% shortfall in GDP from its Q4 2019 peak now is identical to that seen in Germany, similar to the 3.2% shortfall in France, and better than the 3.8% shortfall in Italy,” said economist Samuel Tombs.
However, he also noted that the revision was mainly driven by some methodological changes to the measurement of output in the health and education sectors.
